China-based technology giant Xioami, which recently became the world’s second-largest smartphone brand after surpassing Apple in the second quarter of this year, has a new feather in its hat. The company has announced that it has advanced by 84 places in the list of Fortune Global 500 companies.
Xiaomi has been included in the Fortune Global 500 list for the third consecutive time and this year, the company has been placed at 338th position. This represents a significant jump of 84 positions compared to its 422nd rank last year.
Not just that, the Chinese giant reveals that it is the fastest-growing company in the Internet and Retail Category on the Fortune Global 500 list of the year.
Commenting on this development, Lei Jun, Founder, Chairman and CEO of Xiaomi Group, said: “Compared to our past achievements, I’m more focused on our potential growth. Xiaomi is still a very young yet ambitious company, full of motivation. I’d like to sincerely thank our Xiaomi Fans around the world as your unwavering support has helped make Xiaomi so lively and energetic. I think that this is not the limit for Xiaomi, and I am confident that people will see an even stronger, more powerful Xiaomi in the future, and we will achieve a much more outstanding record in the Fortune Global 500 list next year.”
Xiaomi reported total revenue of RMB245.9 billion in 2020, securing 338th place in the Fortune Global 500 list of 2021. The company has continued to report rapid growth in revenue as well as net profit, exceeding the market expectations.
The company recently reported that it generated total revenue of 76.9 billion yuan (approximately $12 billion) in Q1 2021, marking a 54.7 percent year-on-year growth. It also recorded an adjusted net profit of 6.1 billion yuan (about $965 million) with profit witnessing a massive 163.8 percent year-on-year rise.
During Q1 2021, it shipped 49.4 million units and the gross profit for its smartphone business was around 12.9 percent. The company has been focusing on premium and high-end devices and is also expanding its footprints in the international markets as well as increasing focus on the retail business.
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